WOODCLIFF LAKE, N.J. NYCE Corp. said Tuesday that it has set up a business division, the emerging network payments group, to work on extending the companys real-time transaction processing capabilities beyond its current automated teller machine and online debit point of sale services.
NYCE said the division is the latest in a growing number of teams at the company that are working on new products and services.
The advanced products group, which NYCE set up in 1999, played a key role in developing SafeDebit, a product that lets consumers make real-time, PIN-secured purchases on the Internet with funds withdrawn directly from deposit accounts. A few banks have licensed SafeDebit, but none has introduced it commercially.
The company said the emerging network payments group will develop products and services that represent the evolution of real-time payments in the same way that SafeDebit expands on online debit point of sale transactions.
The groups current and future initiatives will use NYCEs network infrastructure to develop PIN-less transactions, funds transfers initiated using different means of authentication and verification, yet processed in the same real-time manner, the company said.
Neil F. Axe recently joined NYCE as director of the emerging network payments department. Mr. Axe had managed traditional credit and e-commerce data and application products at Dun & Bradstreet. Before that he had worked for nearly 10 years at Discover Financial Services in marketing and business development.
